Morgan Stanley Quarterly Profit More Than Doubles

The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California September 24, 2013.
Reuters

(Reuters) - Wall Street bank Morgan Stanley's quarterly adjusted earnings more than doubled as stronger performances by its investment banking and wealth management businesses more than made up for a fall in revenue from bond trading.

Net income attributable to common shareholders rose to $1.86 billion, or 94 cents per share, in the three months to June 30 from $803 million, or 41 cents per share, a year earlier.

The net income figures exclude accounting adjustments to reflect the changing value of Morgan Stanley's own debt, which investors and analysts typically ignore.

Analysts on average had expected earnings of 55 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figure was comparable.

Morgan Stanley's shares were up 2.6 percent at $33.33 before the bell. Up to Wednesday's close, the stock had risen 3.6 percent this year, just outperforming the KBW Bank Index.